The remit here was to find a first investment property in London which would be first used for owner occupation and then switched to a buy-to-let mortgage to help fund future investments:
- Location: Harrow Road, London, W9
- Purchase Price: £200,000 + £200 for furniture (25% deposit)
- Monthly Expenditure: £450 mortgage + £100 service charge
- Monthly Income: £1,170.00 (1 bed, top floor)
- Factor in maintenance at 10% of expenditure – gross yearly profit: £6,036
Since buying this property the value has risen in value which has meant it could be re-mortgaged and the increase in value used to buy not one, but two more properties for the portfolio.
